London Stock Exchange says it is in exclusive talks to sell Milan stock exchange

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London Stock Exchange Group PLC (LON:LSE) has said it is in exclusive talks to dispose of Italy’s Milan stock exchange.

The discussions to sell Borsa Italiana, apparently known as ‘Project Botticelli’, are with Franco-Dutch bourse owner Euronext and are part of the antitrust remedies suggested by the European Commission (EC) as part of the LSE’s agreed US$27bn acquisition of Refinitiv.

Euronext is reported to be making its bid in partnership with Italian state-owned bank Cassa Depositi e Prestiti (CDP).

LSE slimmed down its choice to sell to Euronext after saying it received “a number of competitive proposals from several parties” for Borsa Italiana group and its MTS fixed income trading market.

“There can be no certainty that a transaction will result from these discussions and any potential sale will be dependent upon the outcome of the European Commission’s review of the Refinitiv transaction and that transaction closing in accordance with its terms,” the FTSE 100-listed group said in a statement.

LSE aims to conclude disposals by mid-December, 2020 when the EC is expected to make a decision on the Refinitiv deal.

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